TAIEX follows Wall Street fall
The TAIEX closed down 1.61 percent yesterday as investors reacted to a Wall Street fall overnight amid renewed concerns over weakening global economic fundamentals, dealers said.
The TAIEX fell 124.92 points to 7,616.28, after moving between 7,577.10 and 7,687.47, on turnover of NT$115.80 billion (US$3.62 billion).
The market opened down 0.93 percent after Wall Street’s 1.39 percent decline pushed the Dow Jones Industrial Average to the brink of tumbling below the key 10,000 barrier, dealers said.
Selling accelerated across the board with Hon Hai Precision Industry Co (鴻海精密), the world’s largest contract electronics manufacturer, dragging down the index on weaker-than-expected results for the first half of the year..
A total of 3,087 stocks closed down and 692 finished higher, with 151 remaining unchanged. Foreign and Chinese institutional investors were net sellers of NT$5.3 billion in shares on the day.
Taiwan and Ireland talk
Taiwan and Ireland opened a two-day conference in Dublin on Monday to discuss cooperation on sustainable energy technology, Taiwan’s representative to Ireland said the same day.
The joint conference, sponsored by the National Science Council (NSC) of Taiwan and the Science Foundation Ireland (SFI), has five major topics on its agenda — applications of information and communication technology, ocean energy, renewable energy, solar energy and smart grids.
The conference has been planned for about two years and has finally been organized thanks to the aid of the NSC and the SFI, Taiwanese Representative to Ireland Lee Nan-yang (李南陽) said at the opening ceremony.
“Taiwan and Ireland are both devoted to the development of green power,” Lee said. “I hope the joint conference will increase opportunities for cooperation on green power technology between the two countries,” he added.
Over 70 representatives attended the conference, including officials of state-owned companies and scholars from both countries.
China firm seeks TAIEX listing
Chunghong Holdings Ltd (昶虹), a Chinese printed circuit board (PCB) firm, is seeking to raise funds in Taiwan through a primary listing on the local main board, underwriter Capital Securities Corp (群益證券) said on Monday.
Capital Securities said Chunghong, which is registered in the Cayman Islands, is planning to issue 7.61 million new shares to raise about NT$216.8 million (US$6.77 million) and has filed an application with the Taiwan Stock Exchange for the listing.
According to its prospectus, Chunghong expects the listing to be completed in the first quarter of next year.
Aside from making PCBs, Chunghong also provides surface mount technology to make electronic circuits in which the components are mounted on the surface of the PCBs.
Chunghong, which was founded by Taiwanese businessmen operating overseas, was listed on the Singapore Exchange in 2007 but delisted voluntarily last year.
FET appoints new president
Far EasTone Telecommunications Co (FET, 遠傳電信) promoted Chief Commercial Officer Yvonne Li (李彬) to the post of president, replacing Jan Nilsson who stays in his role as vice chairman, effective from Sept. 10, the Taipei-based operator said in an exchange filing yesterday.
NT falls against US dollar
The New Taiwan dollar fell against the US dollar yesterday, declining NT$0.042 to close at NT$32.102.
Turnover totaled US$1.082 billion during the trading session.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
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RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
FUTURE PLANS: Although the electric vehicle market is getting more competitive, Hon Hai would stick to its goal of seizing a 5 percent share globally, Young Liu said Hon Hai Precision Industry Co (鴻海精密), a major iPhone assembler and supplier of artificial intelligence (AI) servers powered by Nvidia Corp’s chips, yesterday said it has introduced a rotating chief executive structure as part of the company’s efforts to cultivate future leaders and to enhance corporate governance. The 50-year-old contract electronics maker reported sizable revenue of NT$6.16 trillion (US$189.67 billion) last year. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), has been under the control of one man almost since its inception. A rotating CEO system is a rarity among Taiwanese businesses. Hon Hai has given leaders of the company’s six